In the state of California they are dipping into their retirement to fund infrastructure projects.
The California Public Employees’ Retirement System (CalPERS) announced on Sept. 12 that it would invest $800 million into road, bridge and other projects across the region over a three-year span. The move is part of CalPERS $5 billion worldwide infrastructure effort.
“The outcome could be good if we get all of the stars aligned,” CalPERS Board President Rob Feckner told the Sacramento Bee.
CalPERS plans on investing in both public and private jobs, although it did stress that it will avoid deals that would take jobs away from the public sector.
“The last thing anyone wants is, ‘Oh, my retirement fund just displaced my job,’” said Feckner.
The move is not a new one for CalPERS, which has invested $60 million into California projects already and plans on targeting jobs in the $150-300 million range with its latest initiative.